The annual summer holiday is here to stay in spite of the current economic climate, according to a new study. Bookings may have been left until the last minute, but British holidaymakers were not prepared to forgo the sunshine, the latest American Express Global Foreign ExchangeServices Currency Index shows.

Trading and business development director Terry Perrin said: “Currency sales in the third quarter of this year (July – September 2009), remain on par with previous years, suggesting that despite the tightening of purse strings up and down the country, Brits were just not prepared to forgo their annual summer holiday.

“Undoubtedly the much published no-show ‘barbeque summer’ also helped fuel the trend in last minute bookings and currency sales towards the end of the season.”

He identified significant year-on-year volume increases in currencies for destinations such as Turkey and Egypt by as much as 26% and 60% respectively as holidaymakers looked to countries that offer guaranteed sunshine and value for money.

UK demand for currencies to long-haul destinations such as Mexico, Thailand, the Dominican Republic and Jamaica have also increased year-on-year. This follows a trend seen in the second quarter of the year that holidaymakers are prepared to travel long-haul and outside of Europe for value for money destinations.

The findings also show a decline in demand for currencies linked to traditional mini-break destinations such as Prague and Krakow. This suggests that many holidaymakers are still opting for more premium holiday destinations but reigning in their overall annual spend by going without mini-breaks, according to the study.